Mumbai, February 27 – Union Commerce and Industries Minister Piyush Goyal has urged Indian businesses to shed their reliance on government support and focus on global competitiveness. Speaking at an event organized by the IMC Chamber of Commerce, Goyal emphasized the need for the industry to move beyond subsidies, high import duties, and protectionist measures.
"How long can we continue to rely on the government? How long can we win with the crutches of subsidies, incentives, and a defensive approach to global trade?" Goyal questioned, challenging industry leaders to adopt a more self-sufficient and competitive stance.
Highlighting the importance of innovation, efficient manufacturing, and skill development, Goyal stressed that India's aspirations to become a developed nation hinge on its ability to compete globally. "Without becoming competitive, the dreams of 140 crore Indians will not materialize," he asserted.
Goyal acknowledged that certain sectors, such as oil, defense, and food, remain dependent on imports. However, he reiterated that India must actively engage in global trade to achieve its development goals.
Addressing the audience, Goyal also pointed to India's persistent quality challenges in various sectors, including pharmaceuticals. He urged larger companies with international approvals to mentor smaller players, ensuring industry-wide improvements in quality standards.
The minister noted that initiatives like Make in India have contributed to reshaping the country’s industrial mindset, positioning India for a stronger role in global trade. He encouraged businesses to embrace quality standards instead of resisting regulatory requirements.
Goyal also reflected on his recent diplomatic engagements, stating that he has been dealing with "turbulent global situations" and has had little rest over the past 10 days. His remarks come amid renewed negotiations on trade agreements, including the India-UK free trade pact.
With global trade dynamics rapidly evolving, Goyal's message to Indian businesses was clear—move beyond protectionism and subsidies, and instead, build a foundation of innovation and competitiveness to thrive on the global stage.
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